Unit 4 Economics Lesson 2

Someone who makes goods or provides a service

• Producer

• Consumer

• Profit

• Competition

Someone who buys goods or services

• Producer

• Consumer

• Profit

• Competition

Money that is gained (earned) by a business for selling their goods or services

• Producer

• Consumer

• Profit

• Competition

Businesses that sell the same good or service

• Producer

• Consumer

• Profit

• Competition

In a Market Economy, which groups have FREEDOM OF CHOICE?

• Business Owners

• Consumers

• Workers

• ALL of the above

PRIVATE PROPERTY

Businesses and People have the right to ________________ property.

• Sell, lease, or buy

• Construct, move, or clean

• Find, sell, or trade

Because businesses compete for customers...

• ...they must sell their goods at high prices.

• ...they must sell their goods at low prices.

• ...they can ignore the prices of their competition.

Definition:

Having your own interests, wants, and needs in mind

• Self Interest

• Competition

• Freedom of Choice

• Private Property

In an market economy, most decisions are made by...

• Buyers and Sellers

• Government

Prices of goods and services change based on...

• Supply and Demand

• Competition and Private Property

• Self Interest and Government